Team

Partners

Education

Konstantin has a Master's Degree in Economic Cybernetics from Kharkiv National University.


Language proficiencies

Konstantin speaks English, Ukrainian, and Russian.

Konstantin Stetsenko

Managing Partner
Member of Investment Committee


Konstantin Stetsenko has a successful track record in capital markets that spans sixteen years. Konstantin became Managing Partner of ICU in March 2008 and has been key to building an experienced, professional and industry-recognized team that has established ICU as the leading independent asset management, private equity and investment advisory firm in Central and Eastern Europe.

Prior to joining ICU, Konstantin was Head of Fixed Income Trading and Sales at ING Bank Ukraine leading the franchise to secure undisputed number one positions in primary and secondary domestic debt markets. Konstantin joined ING Bank Ukraine in 2005 from UkrSibBank where he was Head of Fixed Income Trading and Sales.

Konstantin has been instrumental in rolling out the asset management and fixed income trading businesses that have ICU international accolades such as Best Total Return Active Investment Portfolio in 2016 (World Finance), Best Performing Fixed Income Fund in Ukraine in 2008 – 2016 (Investfunds), Top-3 Asset Manager in Ukraine by Assets under management 2008 – 2016 (Investfunds), Best Investment Management Company in Ukraine in 2012 (World Finance) and Second Best Performing Multi-strategy Fund in the World in 2012 (Bloomberg).


Konstantin Stetsenko

Managing Partner
Member of Investment Committee

Education

Makar is a CFA charter holder (2003). He holds a Bachelor's Degree in Business Administration from International Christian University (1997).


Language proficiencies

Makar speaks English, Russian and Ukrainian.

Makar Paseniuk

Managing Partner
Head of Investment Committee


With twenty years in corporate finance spanning local and international markets, Makar Paseniuk is one of the leading investment managers and corporate advisers in Central and Eastern Europe. As Managing Partner of ICU, Makar has led the development of a leading independent asset management, corporate advisory and private equity franchise in Ukraine. He has been instrumental in building a US$400m asset management business and completing US$5.5 billion worth of M&A, equity and debt capital markets and debt restructuring transactions.

Prior to joining ICU in 2009, Makar spent over a decade at ING Bank’s franchises in Ukraine and the United Kingdom, rising from equity analyst to Head of Securities Services to Managing Director and Head of Corporate Finance.

Makar has worked on numerous assignments throughout his career, including such landmark transactions as a US$2.7bn restructuring of Ukraine’s external debt (2001), the first Ukrainian initial public offering on London’ AIM stock exchange (XXI Century Holdings, 2005), the first Ukrainian initial public offering on Warsaw Stock Exchange (Astarta, 2006), the initial public offering of Kernel shares on the Warsaw Stock Exchange in 2007 that won ‘The Best IPO in the Countries of Central and Eastern Europe' award in 2011, a US$850m debt private and public debt restructuring (Donetsksteel, 2011), and restructuring and sale of Mriya farming assets to Salic UK in 2018.


Makar Paseniuk

Managing Partner
Head of Investment Committee

Asset Management

Education

Grigoriy received an MBA cum laude from IBR, Steinbeis University in Berlin. He graduated from Ukrainian Academy of Foreign Trade and Kyiv Air Force Institute.


Language proficiencies

Grigoriy speaks English, Ukrainian, Russian and French.

Grigoriy Ovcharenko

Director
Head of Local Asset Management

Grigoriy Ovcharenko joined ICU in 2016 as Director, Head of Local Asset Management. In this role, he is responsible for all local asset management business including pension funds and cooperation with institutional investors.

Grigoriy has been leading asset management and marketing organizations for more than 20 years. Prior to joining ICU, he was the CEO of OTP Capital and a board member of OTP Pension for more than six years. From 2007 to 2010, he was the CEO of Socrat Asset Management. During his tenure, Socrat was recognized as the top asset management firm in Ukraine (Euromoney, 2008). From 2000 to 2007, he directed marketing efforts for Altadis as head of the Ukrainian representative office.

Grigoriy is a member of the Board of Ukrainian Association of Investment Business (UAIB) and chairs its public funds committee.


Contacts

e-mail: grigoriy.ovcharenko@icu.ua

Grigoriy Ovcharenko

Director
Head of Local Asset Management

Education

Inna graduated from the Kharkov Engineering-Economic Institute.


Language proficiencies

Inna speaks English, Ukrainian and Russian.

Inna Vedrynska

Funds Management Department Head


Inna has more than eighteen years of experience and joined the ICU team in January 2007.

From2001-2006, she worked as the head of the securities transaction accounting department at UkrSibbankand prior to that spent five years heading the investment trust department at Land Bank (Kharkiv). 


Contacts

e-mail: inna.vedrinskaya@icu.ua

Inna Vedrynska

Funds Management Department Head

Education

Liliya graduated from Kyiv International University with a Master's degree in International Economics. 


Language proficiencies

Liliya speaks English, Ukrainian and Russian.

Liliya Kubytovych

Head of Marketing and Sales

Liliya is responsible for all aspects of customer service at ICU, working closely with the business development department as well as the sales, research and operational units to support relationships with potential and existing clients.

Before joining ICU, Liliya was the Head of Local Securities Sales at Foyil Securities for four years, where she was responsible for managing customer acquisitions, client portfolio management, and of new investment product development.


Contacts

e-mail: liliya.kubytovych@icu.ua

Liliya Kubytovych

Head of Marketing and Sales

Investment Advisory

Education

Makar is a CFA charter holder. He holds a Bachelor's Degree in Business Administration from International Christian University.


Language proficiencies

Makar speaks English, Russian and Ukrainian.

Makar Paseniuk

Managing Partner
Head of Investment Committee


With twenty years in corporate finance spanning local and international markets, Makar Paseniuk is one of the leading investment managers and corporate advisers in Central and Eastern Europe.

In his capacity of a Managing Partner of ICU, Makar has co-led the development of a leading independent asset management, corporate advisory and private equity franchise in Ukraine. He has been instrumental to building a US$400m asset management operation and completing US$5.5 billion worth of M&A, equity and debt capital markets, and debt restructuring transactions.

Prior to joining ICU in 2009, Makar spent over a decade at ING Bank, progressing from an equity analyst to Head of Securities Services to Managing Director and Head of Corporate Finance at ING’s Ukraine franchise.

Makar has worked on numerous assignments throughout his career, including such landmark transactions as US$2.7bn restructuring of Ukraine’s external debt (2001), first Ukrainian initial public offering on London’ AIM stock exchange (XXI Century Holdings, 2005), first Ukrainian initial public offering on Warsaw Stock Exchange (Astarta, 2006), best international initial public offering on the Warsaw Stock Exchange (Kernel, 2007), US$1.3bn corporate debt restructuring (Mriya, current) and many others.


Makar Paseniuk

Managing Partner
Head of Investment Committee

Education

Roman received a BBA degree in Enterprise and IT Management from International Christian University (Kyiv-Vienna) in 1999. He qualified as a certified chartered accountant in 2002 (ACCA).


Language proficiencies

Roman speaks English, Ukrainian, Russian and has basic Polish skills.

Roman Nikitov

Director

Roman Nikitov has more than 15 years of experience in investment banking and corporate finance.  He joined the ICU team from UniCredit, where he was headingled the Corporate Finance Advisory team in Ukraine. Prior to that, he served as a director in ING’s corporate finance team.

During his time at UniCredit and ING, Roman led and took part in significantly contributed to a number of major transactions. These included a private placement of Ukraine’s largest pharmaceuticals wholesaler, a leveraged buy-out and follow-on capital raise for one of the largest alcohol producers in Ukraine, the acquisition of a large Ukrainian hard cheese producer as well as a number of public offerings on the Warsaw Stock Exchange, among which was Ukraine’s largest vegetable oil producer.

Prior to joining ING, Roman worked at Ernst & Young in the audit department in Kyiv Kyiv from 1999 to 2003. In 2003, he moved before moving to the corporate finance department in Moscow to focus on M&A, project finance, and restructuring projects. He returned to Kyiv in 2005 to lead Ernst & Young’s Transaction Support department., executing financial analysis, pre-acquisition due-diligence and IPO documentation projects.


Contacts

e-mail: roman.nikitov@icu.ua

Roman Nikitov

Director

Education

Ruslan holds a Master of Finance from Kyiv National University of Economics.


Language proficiencies

Ruslan speaks Ukrainian, English and Russian.

Ruslan Kilmukhametov

Director
Head of Debt Capital Markets


Ruslan Kilmukhametov is in charge of debt origination and covers financial institutions. While at ICU, he won the Best Underwriter Award in 2011 and the Deal of the Year on the Primary Bond Market in Ukraine in 2012. 

Ruslan has led bond issues for clients such as VTB, Prominvest bank (VEB), Credit Agricole, Pravex-bank (Intesa SanPaolo), ProCredit Bank, IMC Holding and Donetsksteel. 

Prior to joining ICU, Ruslan worked for UkrSibbank BNP Paribas Group as Head of Corporate Finance and was in charge of debt origination and corporate finance. Under his management, the team won numerous underwriting and lead manager awards. During his time at UkrSibbank, he completed over 70 transactions with a total value of over US$1.5bn.


Contacts

e-mail: ruslan.kilmukhametov@icu.ua

Ruslan Kilmukhametov

Director
Head of Debt Capital Markets

Education

Ivan holds a Bachelor’s degree in Romantic and Germanic Philology from Chernivtsi State University (1996).


Language proficiencies

Ivan is fluent in Ukrainian, English and Russian.

Ivan Shvydanenko

Director


Ivan Shvydanenko joined ICU in 2013. He has over 15 years of experience in investment banking and securities services..

Prior to joining ICU, Ivan worked for ING Bank in Ukraine in a variety of roles including Corporate Finance (2006-2012), Securities Services (2003-2006) and Internet Portal Financial Services (2000-2003).

Ivan has successfully worked on a number of private and public capital raising and M&A transactions in retail and wholesale trade, telecommunications, agriculture, metals and mining, and real estate. 

Contacts

e-mail: ivan.shvydanenko@icu.ua

Ivan Shvydanenko

Director

Education

In 2004, Yuriy earned a degree in Finance from Kherson State Technical University. In 2006, he earned the appraiser certificate issued by the State Property Fund of Ukraine for asset valuation and evaluation of property complexes. In 2012, he received a PhD in Economics from the European University (Kyiv). 


Language proficiencies

Yuriy speaks Ukrainian, Russian and English. 

Yuriy Kamarytskyi

Vice President


Yuriy is an experienced expert in business valuation, financial modeling, financial analysis, strategic planning and corporate restructuring.

Prior to joining ICU, Yuriy worked as a senior economist in the transaction, assessment and business modeling department at Ernst & Young, where he was actively involved in business valuation for leading companies in metallurgy, car-building industry, real estate, energy and banking.

He also worked as the leading economist for collateral evaluation in the risk management department for corporate business at PrivatBank and UkrSibbank in 2003-2007.

Yuriy’s most recent transactions include the debt restructurings for Azovmash and Furshet as well as the acquisitions of WJ and Ukrros.


Contacts

e-mail: yuriy.kamarytskyi@icu.ua

Yuriy Kamarytskyi

Vice President

Trade Operations

Education

Konstantin has a Master's Degree in Economic Cybernetics from Kharkiv National University.


Language proficiencies

Konstantin speaks English, Ukrainian, and Russian.

Konstantin Stetsenko

Managing Partner
Member of Investment Committee


Konstantin Stetsenko has a successful track record in capital markets that spans sixteen years. Konstantin became Managing Partner of ICU in March 2008 and has been key to building an experienced, professional and industry-recognized team that has established ICU as the leading independent asset management, private equity and investment advisory firm in Central and Eastern Europe.

Prior to joining ICU, Konstantin was Head of Fixed Income Trading and Sales at ING Bank Ukraine leading the franchise to secure undisputed number one positions in primary and secondary domestic debt markets. Konstantin joined ING Bank Ukraine in 2005 from UkrSibBank where he was Head of Fixed Income Trading and Sales.

Konstantin has been instrumental to rolling out ICU’s asset management and fixed income trading businesses that have earned international accolades as securing ICU’ accolades as Best Total Return Active Investment Portfolio in 2016 (World Finance), Best Performing Fixed Income Fund in Ukraine in 2008 – 2016 (Investfunds), Top-3 Asset Manager in Ukraine by Assets under management 2008 – 2016 (Investfunds), Best Investment Management Company in Ukraine in 2012 (World Finance), Second Best Performing Multi-strategy Fund in the World in 2012 (Bloomberg) and many others.


Konstantin Stetsenko

Managing Partner
Member of Investment Committee

Education

Sergiy has a Master's degree in Economic Cybernetics from Taras Shevchenko Kyiv National University.

He is a member of the Freedom Support Act, a Future Leaders Exchange Program graduate, and graduated from Lee's Summit North High School, Missouri, United States. 


Language proficiencies

Sergiy speaks English, Russian and Ukrainian.

Sergiy Byelyayev

Trader


Sergiy began his career in ICU Research in 2008, specialising in debt securities and foreign exchange market analysis. 

In 2010, he joined the trading department to manage local bond trading, debt securities repurchase agreements, trading position liquidity planning and brokerage services. 


Contacts

e-mail: sergiy.byelyayev@icu.ua

Sergiy Byelyayev

Trader

Education

Vitaliy has a MSc in Finance from Birkbeck College, University of London and graduated from NTU Kyiv Polytechnic Institute.


Language proficiencies

Vitaliy speaks Russian, English and Ukrainian.

Vitaliy Sivach

Trader, Fixed income and Forex


Vitaliy is an experienced trader in Ukrainian market instruments. He joined ICU in 2011 and is responsible for currency and Eurobond trading.

Prior to joining ICU, he was a trader at Millennium Capital. He began his career at Barclay's Capital and has also worked at JPMorgan in the exotic derivatives department.


Contacts

e-mail: vitaliy.sivach@icu.ua

Vitaliy Sivach

Trader, Fixed income and Forex

Education

Yevgeniya graduated from the Kyiv National Trade and Economy University in 2009 with a major in Business Economics and holds a Master's degree in Entrepreneurial Economics and Economics.


Language proficiencies

Yevgeniya speaks English, Italian, Ukrainian and Russian.

Yevgeniya Gryshchenko

Head of brokerage services department


Yevgeniya works predominately on local debt securities trading, client advisory, trading operations support, cooperation with international exchanges, and client development.

Yevgeniya has five years of experience in the stock market. In early 2008, she launched her career at the Ukrainian Stock Centre (UFC) as a Securities Sales Specialist and was promoted to the Head of Sales in less than in a year.


Contacts

e-mail: yevgeniya.gryshchenko@icu.ua

Yevgeniya Gryshchenko

Head of brokerage services department

Education

He holds a Bachelor's degree in Business and Management from King's College, London and a Master's degree from City University, London. 


Language proficiencies

Vlad is fluent in English and Russian.

Vlad Sinani

Director, Strategy and Business Development


As head of ICU's strategic planning and business development, Vlad also founded and headed the equity market department.
 
Prior to joining ICU, he was a partner at Weybridge Associates, a consulting company in London, where his transactional experience included fund raising for a real estate project in the United States as well as Russian oil and gas companies, international emerging markets, and pre-IPO consulting for a gold mining company. 

Vlad also worked in corporate finance and equity capital markets at ING London. While at ING, he was actively involved in numerous transactions, such as an US $ 105 million IPO on the LSE of a Kazakh mining company, an US $ 140 million IPO on the AIM of Ukrainian developer XXI Century, and an US $ 92 million IPO on the RTS of Russian developer RTM. 


Contacts

e-mail: vlad.sinani@icu.ua

Vlad Sinani

Director, Strategy and Business Development

Research

Education

Alexander graduated from Vinnitsa Polytechnic Institute with a degree in Electrical Engineering. He also graduated from the International Personnel Management Academy with a degree in Banking.


Language proficiencies

Alexander speaks Ukrainian, English and Russian.

Alexander Valchyshen

Head of Research
Member of Investment Committee


As ICU’s Head of Research, Alexander’s direct areas of expertise include macroeconomic analytics, bonds and foreign exchange markets.

Under his leadership, the ICU research team have been consistently recognized as one of the leading research teams in Ukraine, receiving multiple awards including Best Fixed-Income Research Team in 2010-11 by Cbonds.

Prior to joining ICU in 2008, Alexander was the Head of Research at ING Bank Ukraine.He has also been a member of the Debt and Banking Research Committee at USFA since 2005 as well as a member of the Ukrainian Society of Financial Analysts (USFA) Executive Committee.


Contacts

e-mail: alexander.valchyshen@icu.ua

Alexander Valchyshen

Head of Research
Member of Investment Committee

Education

Alexander holds a Master’s degree in Business Administration from the University of South Carolina. He is a graduate of Kharkiv State University, specializing in Economic Forecasting and Planning.


Language proficiencies

Alexander speaks Ukrainian, English and Russian.

Alexander Martynenko

Head of corporate research


Alexander covers equity, debt and commodity instruments in metals & mining, oil & gas, utilities, transportation and other non-banking sectors in the Ukraine, CIS and international markets.

Alexander joined ICU in August 2010, bringing with him five years of experience analyzing the Ukrainian metals & mining and machine building sectors and two years of experience auditing leading businesses in the financial and industrial sectors.

Prior to joining ICU, he worked for PricewaterhouseCoopers, Foyil Securities, Troika Dialog and Bogdan Corporation.


Contacts

e-mail: alexander.martynenko@icu.ua

Alexander Martynenko

Head of corporate research

Education

Taras graduated from Kiev State University of Trade and Economics and attended a number of short-term specialized programs at the Joint Vienna Institute (Austria). 


Language proficiencies

Taras speaks Ukrainian, English and Russian. 

Taras Kotovych

Senior Financial Analyst, Sovereign Debt


Taras is an expert on Ukrainian bond markets and Ukrainian sovereign debt. He regularly evaluates the risks associated with government debt payments and closely monitors other local debt markets, assessing their impact on government borrowing.

Prior to joining ICU, he Taras worked for more than twelve years at the Ministry of Finance of Ukraine in positions ranging from economist to department head.


Contacts

e-mail: taras.kotovych@icu.ua

Taras Kotovych

Senior Financial Analyst, Sovereign Debt

Education

Mykhaylo earned a Master's degree in Economics from Central European University (Budapest, Hungary), and a Master of Finance from Ivan Franko Lviv National University.


Language proficiencies

Mykhaylo speaks Ukrainian, English and Russian.

Mykhaylo Demkiv

Financial Analyst


Mykhaylo joined the ICU team in 2013. He covers the Ukrainian banking sector, generating surveys and analytical reports that cover the industry as a whole and a number of the largest players.

Prior to joining ICU, he Mykhaylo was an auditor for Deloitte focused on Ukrainian bank accounting according to both local and international standards (IFRS).


Contacts

e-mail: mykhaylo.demkiv@icu.ua

Mykhaylo Demkiv

Financial Analyst

Education

Bogdan graduated from the National University of Kyiv-Mohyla Academy, and also attended Kyiv School of Economics. 


Language proficiencies

Bogdan is fluent in English, Ukrainian and Russian. 

 

Bogdan Vorotylin

Analyst, AIC (Agroindustrial Complex)


Prior to joining ICU’s team of analysts in 2013, Bogdan worked as an equity analyst for other leading investment banks in the Ukrainian market over a five-year period.

He began his career in 2009 at Phoenix Capital, where he was responsible for covering the agriculture sector. He then spent three years as the head of the research department at Millennium Capital.

Bogdan has developed a broad knowledge of the following sectors: agriculture, mining, banking, chemistry, telecommunications and aviation.


Contacts

e-mail: bogdan.vorotilin@icu.ua

Bogdan Vorotylin

Analyst, AIC (Agroindustrial Complex)

Operational management

Education

Oleg holds a MBA from Eastern Ukrainian University and an Investment Manager degree from Kyiv Investment Management Institute. 

He is also certified by the National Securities and Stock Market Committee to provide securities trading, asset management and depository activities.


Language proficiencies

He is fluent in English, Ukrainian and Russian.

Oleg Medvedev

Director


Oleg Medvedev has been at ICU since the company was founded. In 2005-2006, he worked as a general director at Optima Capital AMC, Kyiv. For more than 7 years, from 1997 to 2005, headed ITT-Management AMC, Kyiv. 


Contacts

e-mail: oleg.medvedev@icu.ua

Oleg Medvedev

Director

Education

Dmitry graduated from Gordon S. Marshall School of Business, University of Southern California.


Language proficiencies

He speaks English, Ukrainian and Russian. 

Dmytro Nedelchev

Risk Management, Member of Investment Committee


Dmitry’s area of expertise includes the systematic search for the company's business areas that require risk management, risk monitoring or further identification of potential problems. 

Dmitry's team uses complex models to render the economic risk value (VaR), estimated risk adjustments, constant position, limits, and resolution determination/ All positions are being monitored and presented to the Board daily. 

Before joining ICU, Dmitry worked at PIMCO's (California) main office at the asset management and global strategies department. 


Contacts

e-mail: dmitri.nedelchev@icu.ua

Dmytro Nedelchev

Risk Management, Member of Investment Committee

Contacts

Vera gained a Bachelor's degree in Business Administration from International Christian University (Kyiv) and a degree in Corporate Management from European University (Kyiv).


Language proficiencies

She speaks English, Russian and Ukrainian. 

Vera Yevseeva

Regulatory compliance


Vera focuses on ICU's customers and counterparty identification to counteract the legalization of income gained illegally, as well as the development and monitoring of policies and procedural compliance necessary to implement the company's services in the stock market. 

Prior to joining ICU, Vera was the head of the operations department at Troika Dialog Ukraine for more than six years. She also worked as a senior specialist for securities operational services at Foyil Securities. Through the years spent at these companies, Vera provided both the operational support of securities transactions and the identification of customers and counterparties. 


Contacts

e-mail: vera.yevseeva@icu.ua

Vera Yevseeva

Regulatory compliance

Avangard Bank

Education

In1998, she graduated from Kyiv International Financial University with an honorary diploma in Economics and later earned a MBA at IBR Business School (Germany). She also has a degree in medicine and endocrinology (1994).


Language proficiencies

She is fluent in Ukrainian, Russian and English.

Svitlana Korchynska

Chairman, PJSC “BANK AVANGARD”


Svitlana joined PJSC “BANK AVANGARD” in September 2013 as Chairman of the Management Board. 

Prior to joining Avantgard, Svitlana has more than seventeen years of experience in banking, including the following positions: Chief Accountant and CFO at ING Bank, Ukraine (1998-2001); Deputy Chairman of the Management Board/CFO at Bank NRB-Ukraine (2001-2006); Chairman of the Management Board at Energobank, Ukraine (2006-2009); First Deputy or the Chairman of the Management Board at Ukrainian Innovation Bank (2010-2013).  

With eighteen years of experience in financial management at Ukrainian and international banks, she has been responsible not only for finance but also for business re-engineering, business procedure optimization, implementation of automated banking systems, restructuring of portfolios, and the development and implementation of new modern banking products.

He is fluent in Ukrainian, English and Russian.


Contacts

e-mail: s.korchynska@avangardbank.com.ua

Svitlana Korchynska

Chairman, PJSC “BANK AVANGARD”